Bank of America Company (NYSE:BAC) shares are rising as the company announces a major wage increase, raising the minimum hourly wage to $24, moving closer to its target of $25 by 2025.
“Offering a competitive minimum wage is essential to a great workplace, and I’m proud that Bank of America is leading by example,” said Sheri Bronstein, Chief Human Resources Officer.
The increase raises the minimum annual salary for full-time workers in the US to nearly $50,000 and applies to all full-time and part-time hourly positions.
With this decision, Bank of America continues its tradition of taking the lead in setting minimum wage standards for U.S. hourly workers.
Over the past seven years, Bank of America has raised its minimum hourly wage from $15 to $24 by 2024. As a result, the starting salary for full-time U.S. workers will have increased by nearly $20,000 since 2017.
Also read: Private employment grows by 99,000 in August, well below forecasts of 140,000: ‘The labor market as a whole is softening’
According to Benzinga Pro, BAC stock is up more than 38% over the past year. Investors can gain exposure to the stock through First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and Invesco KBW Bank ETF (NASDAQ:KBWB).
Price action: BAC shares rose 1.60% to $40.10 premarket, at last check on Tuesday.
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This article What’s Happening to Bank of America Stock on Tuesday? originally appeared on Benzinga.com
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